The test period was over 40 years which included both bull and bear markets. Of course, stocks and bonds markets went up over that amount of time. It would be hard to find a 40 yer period in which they didn't. The model Antonacci presents in his book is in bonds only 30% of the time, and bonds only ...

Tomaso - Antonacci says the portfolio in his paper is meant to show how dual momentum works, but a better approach for investing is the strategy outlined in his book, Dual Momentum Investing. He gives instructions for implementing it with PerfCharts. I back tested it using Excel and got similar resu...